SHIP OF FOOLS

How the Financial Industry & the U.S. Government ruined the greatest economy in the world. (The U.S. Financial System is corrupt to the core, and the U.S. Government is its partner-in-crime)

byThomas Huckleberry Spartacus for The International Chronicles

 

As everyone is entitled to their own opinion on the 'Financial Crisis' - pretty much exactly what the financial elites want - there is so much confusion in the air that the average Joe can't figure it out. I know what the deal is...we are a nation of self-seeking whores who believe that we can enrich ourselves by trading fiat currency & stock script.

Bottom line is this; ex-Chairman of the Federal Reserve Paul Volcker stated in 1987 that you cannot prudently grow the money supply more than 2% a year without introducing instability (he was right). Team Reagan said nothing doing. Volker refused to stand for re-appointment, and the rest is history. Alan Greenfool came in and grew the money supply at 7% p.a. for 18 years.

When President Clinton ushered in the fascination with all things stock market related we left behind the utilitarian world of business - suddenly it was all about worshiping money. How enlightened. And now The System - the entire edifice of US finance - is completely corrupt, and the rest of the non-financial fortune 500 are right on their heels. This is what happens when your entire economy is managed for Wall Street's quarterly expectations game.

Wall Street is about one thing and one thing Only:  Separating the Public from its money. That is why Glass-Steagall was  enacted in 1934. If banks had to own the absurd loans that they made On  Their Balance Sheet I can assure you there never would have been a housing Bubble, the loans would have never  been made, and gold would still be rolling around $300 per ounce.

Let me simplify this for you: the Greenspan / Bernanke PUT lives on! No  consequences for the financial miscreants who perpetrated the Fraud,  only the Peasants who were foolish enough to take the Faustian bargain, Fine,  BUT do you really think for one F-ing waking moment that the  world would cease to exist as we know it if Goldman Sachs was out of  business?

If you are a publicly listed company whose sole reason for existence is to  manage stock market expectations, chances are you are mis-managing the long term viability of your business. But right  now I'm focused on the people who are actually looting the country  wholesale right before my very eyes and I can assure you it ain't only the poor slob who thought he was entitled to fabulous pay day on his  no-money down real estate gambit that has vaporized.  Everybody is using The System as his personal Wench in this gangbang.

As for the country, it is finished.  It is only a question as to whether it will take 10 years, 15 years, or 20 years to fold in on itself. Compound interest is called the 8th wonder of the world, and we have  reached the point where we will never be able to meet the long term  debt obligations that we are racking up.
I can't point to one semi-official actor who has the courage of his convictions to stand up Publicly, For the Record, to the blatant corruption and the hollowing out of America, so Whore Street can play the quarterly #'s game - with the possible exception of the previously mentioned Paul Volcker.

The vast majority of Americans are not sophisticated enough to really handle debt. The financial illiteracy in this country is stunning. How else do you think Wall Street managed to enrich themselves, if Peasants aren't piling on debt there is No Rake for Wall Street. $4 of New Debt for each New $1 of GDP! Jesus, are you living in a parallel universe?

It's all an extension of consumerism as culture as regards the availability of credit. Banks have failed miserably on this front - we'll just securitize it and dish out the dog food to the morons who masquerade as pension fund managers, insurance co. asset managers...and of course the moronic brain dead European brethren who couldn't get enough of it !

Whore Street and its minions forgot the Only Rule that is beyond reproach when it comes to finance & banking: CHARACTER. When you worship money as a society character doesn't even factor in to the top 20! It has been a Failed miserable experiment for the past 20 years - that's why these scumbags were always confined to fringe margins - and that includes Goldman Sachs. Did they aways make big coin? Obviously, but they never enjoyed the level of influence and regulatory capture that they pulled off in the past 20 years. And for your information, it was Bubba Clinton who came up with the great mind experiment to put every peasant in a home of his own, gee interesting concept, and during the process Boob Rubin's former firm (GS) just happened to capture all the ancillary business!

Again the Government picking winners and losers, Nothing even remotely related to Capitalism, just blatant insider dealing & corruption. Anyway, please feel free, dear reader, to offer one official who has had the courage, stamina, and self-modesty to publicly expose the Gigantic Fraud that was perpetrated on the ignorant  Public as regards the financial alchemy & engineering that has gone on for the past 20 years. (And you don't get to use Paul Volcker) !

As Volcker has pointed out, Wall Street is the Only business in the history of world that gets to repeal the laws of gravity and economic supply and demand. There has been no innovation and corresponding productivity increases, 'The Financial Rents' have actually increased and become more expensive!
I have my eye on the Big Picture and know exactly how this movie ends.

It   was all a bloody Giant ruse that was undertaken with the implicit  backstopping of the Federal Reserve & Treasury Dept. Why the hell  do you think they had to get rid of Paul O'Neill? There are No New Games in Finance, ONLY NEW SUCKERS.

Thomas Jefferson Quote:  

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."
                       



Thomas Huckleberry Spartacus is a Private Portfolio Investment Manager in New Jersey, U.S.A.

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published this page in The Attic 2012-03-27 00:18:00 -0400